Pls let me know the accounting treatment of mining right acquired by Coal mining company in its books of a/c.

Whether it should consider the same as Asset?
If yes, then should it be considered as fixed asset or intangible asset?

How should the Company amortise/depreciate the same?

1. what is meant by the cost of acquisition of the shares?
2. why is nominal value of the shares, debentures always Rs.10/- or Rs.100/-?

Dear All

Kindly tell me the method of accounting of derivative. Should we account the purchase and sale transactions of derivatives or the gain or loss arising on sale or purchase of derivatives?

If we are required to account only the gain or loss on sale of derivatives, then how can we determine the tax audit is applicable or not for derivative transactions?

Kindly throw some light on the same.

Regards
Suparna K S

Dear experts

For A.Y. 2007-08, income tax liability of a proprietor was Rs. 995 and TDS paid was 4041 therefore Rs. 3046 was refundable. Entries for the above amounts were not passed. Please tell what entries should be passed for the above amounts and on which date?? Please help.

Thanks

dear sir/mam
I am just commerce graduate and working with CA Firm since 2 years. my question is on which portion of accounts , I should command so that i can grow up in industry and even in MNC i will able to work with a high package?

Sirs,

A Private limited company is under formation. In the mean time if the promoters are intending to invest in some computers/furnitures etc., in whoose name should they rise the bill? Whether in 'to be' director's name? or company's name( also what if the name is yet to be finalised?).

Waiting for the reply...

The client is paying full advance payment under purchase order for purchasing a machines from foreign supplier.

The foreign supplier manufactures and send machines to Buyer after 60 days.

The contracts Value at CIF - U$100000

Full payment is being made to supplier as advance.

At what cost, machines to be capitalised in case
Exchange Rate - Rs.40 at PO Date / Advance Pyt Dt.
Exchange Rate - Rs.41 at Machine Supply at Foregin Port
Exchange rate - Rs.40.50 at Bill of Entry date
Exchange Rate - Rs.40.75 on Machines receipt at Factory Gate.

Dear sir,

i have study for topic deprication but not a full idea this topic so pl brief knowledge this topic pl hepl me

what is the substantial part of fixed assets.
my case is something like that:
a company disposed its fixed assets for about Rs.54 lacs and it consist of less than 1% of it's fixed assets.now i want to know that whether it is substantial part of fixed assets or not

can companies charge different rate of depreciation from that specified in companies act sec 349 or schedule 14.Can companies charge rate applicable as per Income tax act in financial books.